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SII Gets Purchase Order from Govt for Covishield – Top Indian Market News

Serum Institute receives purchase order from govt for 1.1 crore vaccine doses: Report

As per reports from news agencies PTI & ANI, the Serum Institute of India (SII) has signed a purchase order with the Central Government to procure 1.1 crore doses of Covid-19 vaccines. SII is manufacturing Oxford-AstraZeneca’s Covid-19 vaccine Covishield in India. As per reports, each dose of Covishield will cost Rs 220, inclusive of 14% GST. SII will begin the dispatch of the vaccine today (Jan 11). India will begin its nationwide vaccination drive on January 16, and priority will be given to around 3 crore healthcare and frontline workers.

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Passenger vehicle retail sales increases 24% in December: FADA

The Federation of Automobile Dealers Association (FADA) on Monday said passenger vehicle (PV) retail sales in December 2020 witnessed an increase of 23.99% year-on-year (YoY) to 2.71 lakh units. Two-wheeler sales increased 11.88% YoY to 14.24 lakh units last month, as compared to 12.73 lakh units in December 2019. The sales of commercial vehicles declined 13.52% YoY to 51,454 units during the same period. FADA collected vehicle registration data from 1,270 out of the 1,477 regional transport offices (RTOs) in India.

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Coal industry will be largest contributor to India’s $5 trillion economy dream: Amit Shah

The Central Government on Monday awarded the letter of allocation to successful bidders of coal mines under the commercial auction held during October-November 2020. Speaking at the event, Home Minister Amit Shah stated that the coal sector will be the largest contributor to India’s ambition of being a $5 trillion economy. He also launched the ‘Single Window Clearance System’, an online platform to obtain clearances for smooth operationalisation of coal mines. Coal Minister Pralhad Joshi announced that the next round of commercial mines auction will be launched later this month.

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Gross NPA of banks could rise to 13.5% by September: RBI

The gross non-performing assets (GNPA) of banks may rise to 13.5% by September 2021 from 7.5% in September 2020, according to the Financial Stability Report (FSR) released by the RBI. The report stated that the GNPA ratio of public sector banks and private sector banks may rise to 16.2% and 7.9%, respectively, in September 2021 under the baseline scenario. [RBI defines non-performing asset (NPA) as any loan or advance for which the principal or interest amount has been overdue for more than 90 days]

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Tesla to sign MoU with Tata Motors to launch its electric cars in India: Report

As per a report from Economic Times, it has been rumored that Tesla was planning to sign a Memorandum of Understanding (MoU) and partner with Tata Motors to manufacture and sell their electric vehicles (EVs) in India using Tata facilities. The rumors also state that Tesla had already conducted due diligence and found that Tata has the best EV infrastructure among all auto majors. There has been no official communication on this, and hence, the rumor could not be confirmed. In December 2020, Union Minister for Road Transport and Highways Nitin Gadkari had confirmed that Tesla is set to commence its India operations in 2021.

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Adani Green commissions 25 MW solar plant in Chitrakoot

Adani Solar Energy Chitrakoot One, a step-down subsidiary of Adani Green Energy Ltd (AGEL), has commissioned a 25 megawatt (MW) solar power plant. This plant has a Power Purchase Agreement (PPA) with Noida Power Company Ltd (NPCL) at Rs 3.08/kWh. With this commissioning, AGEL’s total operational renewable capacity has grown to 2,975 MW.

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BHEL secures Rs 450 crore order for steam and power plant from NALCO

Bharat Heavy Electricals Ltd (BHEL) announced that it has secured an order for a steam and power plant from National Aluminium Corporation Ltd (NALCO). The order is valued at Rs 450 crore and is a part of NALCO’s 5th Stream Alumina Refinery Expansion Project at Damanjodi, Odisha.  BHEL’s scope in the contract includes design, engineering, manufacturing, supply, erection, testing, and commissioning of 1×300 TPH Coal Fired Boiler, 18.5 MW Steam Turbine Generator, and associated auxiliaries.

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Sadbhav Engineering receives LoA for metro rail project worth Rs 780 crore from GMRC

Sadbhav Engineering Ltd (SEL) announced that its joint venture has received a letter of acceptance (LOA) from Gujarat Metro Rail Corporation (GMRC) for a metro rail project worth Rs 779.73 crore. The order is in the name of Sadbhav Engineering-S.P. Singla Constructions joint venture, in which SEL holds 74% stake. The order is for the construction of an 11.6 km elevated viaduct from Kadarsha Ni Nal to Dream City dead-end.

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Dr. Reddy’s launches Febuxostat tablets in the US

Dr. Reddy’s Laboratories on Monday announced the launch of Febuxostat tablets in the United States’ market. The tablets are indicated to treat gout due to high uric acid levels. It is a generic version of Tejin Ltd’s Uloric tablets. According to IQVIA Health, Uloric brand and generic versions had sales of around $108 million (~Rs 800 crore) in the US during the last twelve months.

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J. Kumar Infra receives LoA for order worth Rs 866 crore from GMRC 

J. Kumar Infraprojects Ltd has received a letter of acceptance (LoA) from Gujarat Metro Rail Corporation (GMRC) for an order worth Rs 866 crore. The contract includes design, construction, and completion of underground stations and tunnel from Surat Railway station to Chowk Bazar Ramp. J. Kumar Infraprojects is a Mumbai-based construction engineering company.

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All Industries in Delhi to Switch to PNG by Jan 31 – Top Indian Market News

Air Quality Commission directs switching over of all industries in Delhi to PNG

The Commission for Air Quality Management in NCR and Adjoining Areas has directed all industrial units in Delhi to switch over to piped natural gas (PNG) by January 31. The Commission has also directed the Delhi Pollution Control Committee (DPCC) to inspect and identify industries using polluting fuels and take stringent penal action against those found violating the directive. IGL and GAIL have been directed to complete the pipeline network, metering, and associated infrastructure by January 31.

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Govt invites bids for selling its stake in Shipping Corporation of India

The Indian government has initiated the sell-off plan for Shipping Corporation of India Ltd (SCI), by inviting expression of interest from potentially interested parties. The government proposes to sell its entire shareholding of 63.75% in the listed entity to a buyer that will takeover the company with full management control. The deadline for submitting initial bids is on February 13, 2021. 

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Bajaj Auto to set up a Rs 650-crore unit in Maharashtra 

Bajaj Auto Ltd has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra for Rs 650 crore, to set up a manufacturing unit in Chakan. The state government will facilitate Bajaj Auto in obtaining necessary permissions, registrations, approvals, clearances, and fiscal incentives from the concerned departments. The facility will be utilised for manufacturing high-end KTM, Husqvarna, and Triumph motorcycles. Bajaj Auto stated that the new facility is expected to commence production in 2023.

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Infosys partners with Daimler for IT infrastructure transformation

Infosys Ltd and German automotive major Daimler AG have entered a long-term strategic partnership for a technology-driven IT infrastructure transformation. With support from Infosys, Daimler AG will transform its IT operating model and infrastructure landscape across workplace services, data centers, and networks. The collaboration will also empower Infosys to strengthen its automotive expertise.

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Dr. Reddy’s seeks approval from Canada for Favipiravir pills for Covid-19 treatment

Dr. Reddy’s Laboratories Ltd, Canada-based Appili Therapeutics, and Dubai-based Global Response Aid FZCO (GRA) on Tuesday said that Dr. Reddy’s Canada has filed an application on behalf of the consortium for Reeqonus (favipiravir) Tablets. The tablets are indicated for acute treatment of mild to moderate Covid-19 adult patients. The application has been filed under Health Canada’s “Interim Order Respecting the Importation, Sale, and Advertising of Drugs for Use in Relation to Covid-19”.

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Embassy REIT raises Rs 3,680 crore to fund acquisition of Embassy Tech Village

Embassy Office Parks REIT has raised Rs 3,680 crore ($501 million) through an institutional placement of its units. The proceeds from this placement will be utilised to fund the REIT’s proposed acquisition of Embassy TechVillage (ETV), an information technology park in Bengaluru, for $1.3 billion (~Rs 9,602 crore). The transaction is expected to close by the end of this month.

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Oil India signs MoU with Assam Hydrocarbon 

Oil India Ltd, on Tuesday, signed a Memorandum of Understanding (MoU) with Assam Hydrocarbon & Energy Company (AHECL) in Guwahati. The company stated that the MoU is aimed at establishing a joint institutional framework to facilitate bilateral cooperation in hydrocarbon exploration, development, and marketing of natural gas in Assam for mutual benefit.

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Jubilant Foodworks introduces India’s first plant-protein based pizza

Jubilant Foodworks Ltd announced that Domino’s Pizza has introduced India’s first plant-protein based product – ‘The Unthinkable Pizza’. The company stated that Domino’s latest offering is 100% vegetarian, and yet, has the sensory properties of chicken. The pizza would be available at all Domino’s restaurants across Delhi NCR, Mumbai, and Bangalore. Jubilant Foodworks is the master franchisee for Domino’s Pizza in India, Nepal, Sri Lanka, and Bangladesh.

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NMDC signs MoU with MECL for joint mineral exploration

NMDC Limited has signed an MoU with Mineral Exploration Corporation Limited (MECL) for joint exploration for iron ore, gold, coal, diamond, and other minerals in mutually agreed projects across various states. This will support the government’s ‘Atmanirbhar Bharat Abhiyan’ initiative and extend its commitment towards mineral security for the nation. NMDC Ltd is India’s largest iron ore producing ‘Navaratna’ company.

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Aster DM Healthcare to invest $100 million to set up hospital in Cayman Islands

Aster DM Healthcare said it will invest around $100 million (~Rs 738 crore) to set up a tertiary care hospital in the Cayman Islands, as part of its plans to set up a clinical excellence hub in the region. The company stated that it has signed an agreement with the Government of Cayman Islands to set up a clinical excellence hub to serve the Caribbean Region, North America, Canada, and South America. Aster will initially develop around 150-bed tertiary and quaternary care hospitals in these regions.

Promoters of Wendt India withdraws its proposed OFS

Carborundum Universal and Wendt GmBH, the promoters of Wendt India Ltd, has decided to withdraw the proposed offer for sale (OFS) of shares. In a BSE filing, the Murugappa Group company said that due to delay in transfer of the sale shares as required under the SEBI OFS circulars, it has decided to withdraw the OFS. On Monday (21 December 2020), both promoters had proposed to sell up to 94,704 equity shares, or 4.74% stake of Wendt (India) via an OFS on 22nd and 23rd of December 2020. 

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Govt Approves 74% FDI in Defence Sector Under Automatic Route – Top Indian Market News

Govt approves 74% FDI in defence sector under automatic route

The Indian Government has now permitted up to 74% foreign direct investment (FDI) in the defence sector, under the automatic route. The automatic route means that investments can be made even without prior approval from the government. The earlier limit for FDIs in the sector was 49%. The increased limit would help firms in the defense sector (HAL, BEML, BDL) to seek new industrial licences. The government has also stated that FDI in this sector will be subject to security clearance by the Ministry of Home Affairs.

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RBL Bank, ICICI Prudential Life Insurance form bancassurance partnership

RBL Bank Ltd and ICICI Prudential Life Insurance have entered into a bancassurance partnership to offer an array of life insurance products to the bank’s customers. The lender will distribute ICICI Prudential Life’s products through its network of 398 branches, which is spread across 28 states. For the insurance firm, the partnership will help to further strengthen its multi-channel distribution network.

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Heritage Foods sells holding in Future Retail for Rs 132 crore

Heritage Foods Ltd has sold its entire shareholding in Future Retail for Rs 131.94 crore, in the open market. The company held a 3% stake or 1.78 crore equity shares in the Kishore Biyani-led Future Retail. Heritage Foods said that the sale proceeds will be mainly utilized for the repayment of its long term loans.

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Zydus Cadila gets USFDA Fast Track Designation for Saroglitazar

Zydus Cadila has received Fast Track Designation (FTD) from the US Food and Drug Administration (USFDA) for its investigational drug candidate- Saroglitazar Mg. The drug is indicated for the treatment of a serious liver disease known as primary biliary cholangitis (PBC). A drug that receives FTD is eligible for accelerated approval and priority review, if the relevant criteria are met.

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Maruti Suzuki launches online car financing platform in Nexa

Maruti Suzuki Ltd has announced the launch of Smart Finance service for Nexa customers across 30 cities in India. The online service seeks to provide end-to-end and real-time car finance facilities to prospective customers. To offer multiple financier options, Maruti has also tied up with HDFC Bank, Yes Bank, ICICI Bank, IndusInd Bank, and many more.

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Aurobindo Pharma gets USFDA approval for sedative drug

Aurobindo Pharma Ltd said it has received final approval from the US Food & Drug Administration for its generic version of Precedex injection. This injection is used for the sedation of patients. The drug major stated that the product will be launched in January 2021 and has an estimated market size of $228 million (~ Rs 1,677 crore).

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HAL announces interim dividend of Rs 15 per share

The Board of Directors of Hindustan Aeronautics Ltd (HAL) has declared an interim dividend of Rs 15 per equity share of Rs 10 each fully paid up, for FY21. The record date for the payment of interim dividend will be December 19, 2020. This is the first interim dividend to be declared by HAL for the financial year ended 2021.

Dr. Reddy’s ADRs listed at NSE International Exchange

The American Depository Receipts (ADRs) of Dr. Reddy’s Laboratories has been listed at the NSE International Exchange (NSE IFSC). The secondary listing of Dr. Reddy’s ADRs at NSE IFSC would provide global investors an additional venue to transact in their ADRs. Participants holding depository accounts with the International Central Securities Depository (Euroclear Bank, Clearstream) or Depository Trust Company (DTC) shall be able to transact on these ADRs.

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Amazon eyes potential $100 million investment in Apollo Pharmacy: Report

According to a report from Economic Times, Amazon.com, Inc. is considering a $100 million (~Rs 736 crore) investment in Apollo Pharmacy. The report states that Amazon’s potential investment would help it to compete with Reliance Industries and Tata Group, in India’s fast-growing drug market. Apollo Pharmacy is India’s largest branded pharmacy network, with over 3,000 outlets in key locations. 

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Firstsource Solutions partners with Celonis to accelerate digital transformation for enterprises

Firstsource Solutions Ltd has partnered with Germany-based Celonis GmbH to help businesses to improve agility and optimize their outcomes. The strategic partnership combines Firstsource’s deep domain expertise with Celonis’ AI-powered technologies to accelerate digital transformation for enterprises. Firstsource Solutions is a provider of business process outsourcing (BPO) services, based in Mumbai.

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India’s Manufacturing PMI Falls to 3-month Low – Top Indian Market News

India’s manufacturing PMI falls to 3-month low

Factory activity in India fell to its lowest in three months (in November), which reflects a slower increase in sales and production. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) has declined from 58.9 in October to 56.3 in November. PMI is a month-on-month calculation, and a value of more than 50 represents an expansion when compared to the previous month.

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Dr. Reddy’s and RDIF begin clinical trials for Sputnik-V vaccine in India

Dr. Reddy’s Laboratories and the Russian Direct Investment Fund (RDIF) has commenced Phase 2/3 clinical trials for the Sputnik-V vaccine in India. The clinical trials are being conducted by JSS Medical Research. Dr. Reddy’s plans to administer the vaccine to 100 volunteers in phase 2 and 1,400 volunteers for the last stage. The company also expects the clinical trials to be completed by March.

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Auto companies report strong sales performance

The sales data of major auto companies for the month of November was released today. Hero MotoCorp reported a 14% YoY growth in overall sales and had sold 5.91 lakh units in November. Tata Motors posted a 26% YoY rise in domestic sales. TVS Motor witnessed an overall sales growth of 21% YoY at 3.2 lakh units. The farm equipment sales of Mahindra & Mahindra jumped 56% YoY in November.

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Bajaj Auto, Pierer Industrie AG start preliminary talks on stake transfer

Bajaj Auto Ltd has started a preliminary discussion with its Australian partner, Pierer Industrie AG, for simplifying their shareholding pattern in KTM. At present, Pierer Mobility AG (PMAG) and Bajaj Auto’s subsidiary (Bajaj Auto International Holdings BV) hold 51.7% and 48%, respectively, in KTM AG. Pierer Industrie is the parent company of PMAG and holds 60% in the company.

As part of the proposed transaction, Bajaj Auto will swap its 48% stake in KTM AG for a stake in PMAG. Then, both Pierer Industrie and Bajaj will move their stakes in PMAG to a new holding company.

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Divis Labs to start construction of Unit-III facility in Andhra Pradesh on Dec 7

Divis Laboratories stated that the construction of its Unit-III facility in Kona Forest, near Kakinada in Andhra Pradesh, will commence on December 7. The company will invest Rs 1,500 crore in a phased manner for the implementation of its Unit-III facility. The operations are likely to commence within 12-18 months for the first phase of the project.

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TVS Motor acquires Intellicar Telematics for Rs 15 crore

TVS Motor Company Ltd has acquired Bengaluru-based Intellicar Telematics Pvt Ltd for Rs 15 crore. Intellicar provides advanced fleet management solutions through its integrated platform. It also has strong analytics and data management capabilities. This move will help TVS Motor to accelerate its ongoing digital initiatives for delivering enhanced customer experience.

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Mindtree partners with Databricks to offer cloud-based data intelligence

Mindtree Ltd has partnered with US-based Databricks, a data and AI company, to help customers implement cloud-based data platforms for advanced analytics. The partnership will help organizations to accelerate their digital adoption journey and drive far-reaching business impact for customers. It will enable the seamless implementation of self-service analytics to improve data-driven decision making.

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LTI selects Temenos to launch digital banking platform in the Nordic market

Larsen & Toubro Infotech (LTI) has partnered with Temenos to launch a digital banking platform in the Nordic region. The Nordic region consists of countries such as Denmark, Finland, Iceland, Norway, etc. The platform will help to modernize core banking systems and help financial institutions to reduce costs. Temenos India Pvt Ltd is a leading banking software company based in Bengaluru.

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PNC Infratech wins EPC project in Andhra Pradesh

PNC Infratech Ltd has received a letter of acceptance (LoA) from the Andhra Pradesh Water Resources Department for an engineering, procurement, and construction (EPC) project. The cost of the project is Rs 1,000 crore. The order is for the upgradation of a canal system from Pothireddypadu Head Regulator and BCR Complex in Andhra Pradesh.

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Sequent Scientific launches veterinary medicine in 19 European countries

Sequent Scientific Ltd announced the launch of veterinary medicine (Halofusol) in 19 European countries. The product had recently received approval from the European Medicines Agency (EMA), through its Spanish subsidiary- Laboratorios Karizoo, S A. The company has also stated plans to extend the launch to other geographies.

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Goldman Sachs Raises India’s GDP Forecast for FY21 – Top Indian Market News

Goldman Sachs raises India’s GDP forecast for 2020-21

Goldman Sachs has raised its GDP forecast for India to a 10.3% contraction, from the -14.8% it had projected in September. The global financial service provider has stated that it expects economic activity in the country to improve faster than anticipated. The firm has also stated that GDP growth is estimated at 13% in the next financial year (FY22).

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Delhi plans to impose lockdown in potential Covid-19 hotspot markets

Delhi CM Arvind Kejriwal has sought power from the Central Government to impose lockdowns in those market areas which may emerge as Covid-19 hotspots. He stated that all government agencies are making double efforts to control the Covid-19 situation in the national capital. The Health Ministry has also warned that the effect of festivals on new cases may be seen in the coming weeks.

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Pfizer sues AuroPharma, Dr. Reddy’s over generic version of cancer drug

Pfizer Inc. has filed a petition in a US court against Aurobindo Pharma Ltd and Dr. Reddy’s Laboratories Ltd. It has been alleged that both companies have separate plans to launch generic versions of Pfizer’s cancer drug Ibrance, before the expiration of its patent. Pfizer filed the possible patent infringement petition against both companies in the United States District Court in Delaware on two counts last week.

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Lakshmi Vilas Bank brought under moratorium

Lakshmi Vilas Bank Ltd. has been brought under moratorium effective from 6 pm on November 17 until December 16, 2020. The payments to creditors have been capped at Rs 25,000 during the moratorium. As per a statement from the Central Government, borrowers can withdraw above Rs 25,000 only for unforeseen expenses including medical treatment and education. Meanwhile, the RBI has proposed the merger of Lakshmi Vilas Bank with DBS Bank India Limited (DBIL).

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ONGC signs contracts for 7 blocks, Oil India wins 4 blocks

State-owned Oil and Natural Gas Corporation (ONGC) has signed contracts for seven oil and gas blocks in the country. Oil India Limited (OIL) has also signed contracts for acquiring four blocks. These 11 oil blocks have been awarded to both companies under the fifth bid round of the Open Acreage Licensing Policy (OALP) of the Indian Government. 

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Industrial investments back to FY20 levels: Credit Suisse

Credit Suisse has stated that industrial investments in India are showing signs of recovery. Industrial investments had declined by 7% in the second quarter of FY21, but are now almost back to previous financial years’ levels. The firm has also retained its ‘Overweight’ stance on Larsen & Toubro (L&T), ABB, and Voltas. An overweight rating on a stock means that analysts expect the stock to outperform its industry in the market.

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L&T delivers first launch hardware for Gaganyaan Mission

Larsen & Toubro said it has delivered the first launch hardware (a booster segment) for the Gaganyaan Launch Vehicle to ISRO, ahead of schedule. The booster segment will be used in the heavy rocket for launching India’s first manned mission into the earth’s lower orbit in 2021-2022. The segment was produced at L&T’s Powai Aerospace Manufacturing Facility, in Mumbai.

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Embassy REIT to acquire business park in Bengaluru for Rs 9,782 crore

Embassy Office Parks REIT announced that it has agreed to acquire Embassy TechVillage in Bengaluru from Embassy Group, Blackstone, and other investors. The cost of the acquisition has been estimated at Rs 9,782.4 crore. The proposed deal is subject to regulatory approvals. Embassy REIT is India’s first publicly-listed REIT (Real Estate Investment Trust). 

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IIFL Finance raises Rs 100 crore via non-convertible debentures

IIFL Finance Ltd. announced that it has raised Rs 100 crore through the issuance of non-convertible debentures on a private placement basis. The company stated that the debentures will be listed on the Wholesale Debt Market segment of NSE. After this announcement, the share price of IIFL Finance hit the upper circuit of 20% in the afternoon session today.

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NMDC hikes iron ore prices for second time in November

The National Mineral Development Corporation Ltd. (NMDC) has hiked prices of lump ore by approximately Rs 400 per tonne. It has also increased the price of fine ore by Rs 300 per tonne. This is the second price hike by the company in November 2020 because of iron ore supply constraints.

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SSWL receives orders for over Rs 5.8 crore from the US &  Europe

Steel Strips Wheels Ltd. (SSWL) has received orders amounting to Rs 5.8 crore from the US and Europe markets. The company has confirmed that export orders of nearly 57,000 wheels will be executed in December 2020. The order will be fulfilled from its Chennai plant. The company also stated that it expects to obtain more orders from the same markets, as its business operations have picked up speed.

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L&T wins contract worth Rs 25,000 crore – Top Indian Market News

L&T wins contract worth Rs 25,000 crore for bullet train project

Larsen & Toubro (L&T) has secured its single biggest order of Rs 25,000 crore from the National High-Speed Rail Corporation. The company will build a portion of the 508 km corridor for the Mumbai-Ahmedabad bullet train project. The High-Speed Rail project is set to be completed by 2024, and will be operating at a speed of 320 km/h.

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Vodafone Idea Q2 Results: Net Loss reduces to Rs 7,218 crore

Vodafone Idea Ltd. has reported a consolidated net loss of Rs 7,218 crore, for the quarter ended September (Q2). The telecom company had posted a consolidated net loss of Rs 50,921 crore in Q2 of the previous financial year. The revenue from operations declined by 0.49% YoY to Rs 10,791.20 crore in Q2 FY21.

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Maruti Suzuki Q2 Results: Net Profit rises 1% YoY to Rs 1,371 crore

Maruti Suzuki India Ltd. reported a 1% year-on-year (YoY) increase in net profit to Rs 1,371 crore, for the quarter ended September (Q2). The company’s revenue has increased by 10.40% YoY to Rs 18,744 crore. The carmaker has stated that Q2 performance has improved due to better demand recovery, and gradual improvement in supply conditions.

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Tech Mahindra signs Rs 400 crore contract with HAL for ‘Project Parivartan’

Tech Mahindra, on Thursday, said that it has entered into a Rs 400 crore contract with Hindustan Aeronautics Limited (HAL). The IT company will implement Enterprise Resource Planning (ERP) to support HAL’s ‘Project Parivartan’. Tech Mahindra will help to improve and standardize HAL’s business processes.

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Havells Q2 Results: Net Profit rises 82% to Rs 326 crore

Havells India Ltd. reported an 81.97% year-on-year (YoY) increase in consolidated net profit at Rs 326.36 crore, for the quarter ended September (Q2). The revenue from operations increased by 10.16% YoY to Rs 2,459.49 crore, during the same period. The company has stated that its initiatives in rural and online engagements have provided good results.

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Dr. Reddy’s partners with Department of Biotechnology for Sputnik-V clinical trials in India

Dr. Reddy’s Laboratories has announced its partnership with the Biotechnology Industry Research Assistance Council (BIRAC), of the Department of Biotechnology. The partnership has been aimed at providing advisory support on clinical trials of the Sputnik-V vaccine in India. Dr. Reddy’s will use some of BIRAC’s clinical trial centers for the vaccine.

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IndiGo Q2 Results: Net Loss increases to Rs 1,195 core

InterGlobe Aviation Ltd. (IndiGo) reported that its net loss has increased to Rs 1,194.8 crore, for the quarter ended September (Q2). The airline company had posted a net loss of Rs 1,062 crore in Q2 of the previous financial year. IndiGo’s total revenue has declined by 65% year-on-year (YoY) to Rs 3,029 crore in Q2 FY21.

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Bank of Baroda Q2 Results: Net Profit stands at Rs 1,679 crore

Bank of Baroda reported a net profit of Rs 1,679 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) during the quarter has increased by 6.8% to Rs 7,507.5 crore. NII is the difference between the interest earned by a bank on its loans, and the interest it pays to depositors.

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Laurus Labs Q2 Results: Net Profit jumps 326% YoY to Rs 242 crore

Laurus Laboratories Ltd. reported a 326% YoY increase in net profit to Rs 242.47 crore, for the quarter ended September (Q2). The company’s revenue saw a rise of 59% YoY to Rs 1,138.84 crore, during the same period. Laurus Labs has been focusing on major acquisitions to expand its portfolio.

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Pidilite Industries to acquire Huntsman unit for Rs 2,100 crore

Pidilite Industries Ltd., which is the owner of Fevicol, has signed an agreement with US-based Huntsman Group for acquiring a 100% stake in one of its Indian subsidiaries. The company will acquire Huntsman Advanced Materials Solutions Pvt. for Rs 2,100 crore, as per a regulatory filing. The share price of the company saw a rise of 5.03%, and closed at Rs 1,595 on the NSE today.

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IDBI plans to raise Rs 6,000 crore via issue of equity shares

IDBI Bank, on Thursday, said that it has received shareholders’ approval to raise Rs 6,000 crore by issuing equity shares to institutional investors. It would be the first time in many years that IDBI Bank will be raising funds from investors via a share sale. The bank is planning to raise a total of Rs 11,000 crore through various modes, to strengthen its capital requirements.

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Ambuja Cement reports 51% rise in net profit – Top Indian Market News

Ambuja Cement reports 50.5% YoY rise in net profit

Ambuja Cement Limited on Thursday reported a 50.5% year-on-year (YoY) increase in consolidated net profit at Rs 803.5 crore, for the July-September quarter. The increase in profit has been due to the company’s cost reduction programs, and increased volume growth. Ambuja Cement has also declared an interim dividend of Rs 17 per share.

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Aurobindo Pharma’s New Jersey unit receives warning letter from USFDA 

Aurobindo Pharma shares fell 6.53% to Rs 753.50 today after the company’s New Jersey subsidiary received a warning letter from the United States Food and Drug Administration (USFDA). AuroLife Pharma LLC received the warning letter for its oral solid manufacturing unit in Dayton. The exclusive sales from this facility make up 2% of the group turnover.

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Bajaj Auto Q2 Results: Net profit declines 19% YoY 

Bajaj Auto Limited reported an 18.84% year-on-year (YoY) drop in net profit to Rs 1,138.20 crores, for the quarter ended September (Q2). The company’s total revenue from operations declined 7.16% YoY to Rs 7,155.86 crore. The share price of Bajaj Auto saw a fall of 0.71%, and closed at Rs 2,996.55 on the NSE today.

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Asian Paints reports 1.15% YoY increase in net profit

Asian Paints on Thursday reported a 1.15% year-on-year (YoY) increase in its consolidated net profit at Rs 851.90 crore, for the quarter ended September (Q2). The total income during the same period increased by 5.37% YoY to Rs 5,432.86 crore. The paint major also announced an interim dividend of Rs 3.35 per share. The share price of the company saw a fall of 0.88%, and closed at Rs 2,095.75 on Thursday.

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Dr. Reddy’s Labs forced to shut units after cyber attack

Dr. Reddy’s Laboratories was forced to close some of its production facilities, following a cyber attack on its data servers on Thursday. The company, in a statement, said that they have isolated all data center services, and do not foresee any major impact on its operations. The company had received approval for Phase-3 testing of the Covid-19 vaccine, Sputnik-V, on October 17th. The share price of Dr. Reddy’s Labs Ltd saw a fall of 0.35%, and closed at Rs 5,029.15 on the NSE today.

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TCS in talks to acquire technology unit of Deutsche Bank

Reports have come about stating that Tata Consultancy Services (TCS) is in advanced talks to buy the technology services unit of Deutsche Bank AG. The unit, Postbank Systems AG, has over 1,400 employees who would potentially be taken over by TCS. The deal will be finalized towards the end of the year, as per the report.

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SBI Cards reports 46% YoY decline in net profit 

SBI Cards and Payment Services reported a 46% year-on-year (YoY) decline in net profit at Rs 206 crore, for the quarter ended September (Q2). The total income increased 6% YoY to Rs 2,513 crore during the same period. SBI Cards is the only credit card company that is listed in India. The share price of SBI Cards saw a decline of 7.41%, and closed at Rs 829 today.

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Vedanta Ltd to consider dividend payout on 24th October 

Mining company Vedanta Ltd on Thursday stated that its Board of Directors will meet on Saturday (24th October) to consider an interim dividend for the current financial year. On October 10th, Vedanta announced that its voluntary delisting offer had failed. The share price of the company gained 3.61%, and closed at Rs 104.85 on the NSE today.  

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Bharti Infratel reports 24% YoY fall in net profit

Bharti Infratel Limited on Thursday reported a 22% year-on-year decline in net profit to Rs 733 crore, for the quarter ended September (Q2). The company’s revenue increased by 2% YoY to Rs 3,695 crore for the same period. Bharti Infratel also announced the closure of its merger with Indus Towers.

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India Bank Q2 Results: Net profit rises 15% YoY to Rs 412 crore

State-owned Indian Bank reported a 15% year-on-year rise in consolidated net profit at Rs 412.28 crore, for the quarter ended September (Q2). The total income of the bank increased to Rs 11,669.11 crore during the September quarter, as compared to Rs 6,045.32 crore during the same period in the financial year 2019-2020.

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Burger King plans to raise Rs 542 crore through IPO

The quick-service restaurant chain, Burger King India Ltd, has filed draft papers for an initial public offering (IPO) with market regulator SEBI. The company plans to raise Rs 542 crore through a mix of issuing fresh equity shares, as well as an offer for sale by its promoters, QSR Asia Pte Limited. The promoters are planning to exit by offering to sell 6 crore equity shares.

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Market News Top 10 News

IndusInd Bank fined Rs 4.5 crore – Top Indian Market News

IndusInd Bank fined Rs 4.5 crore for non-compliance with RBI provisions

RBI has imposed a penalty of Rs 4.5 crore on IndusInd Bank for non-compliance with certain provision norms. Through an inspection by RBI, it has been found that the bank has not adhered to exposure norms, and norms for Income Recognition, Asset Classification (IRAC). IRAC are rules that determine whether a loan should be declared as a non-performing asset (NPA).

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HDFC Bank reports 18% YoY increase in net profit

HDFC Bank Ltd. had reported an increase in net profit by 18.4% year-on-year (YoY) to Rs 7,513 crore, for the quarter ended September. The bank’s Net Interest Income (NII) increased by 16.7% YoY to Rs 15,776.4 crore. NII is the difference between the interest income a bank earns from its lending activities, and the interest it pays to depositors.

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Blackstone Group to acquire assets of Prestige Estates for Rs 14,000 crore

Real estate firm Prestige Estates Projects Ltd. has signed a deal with Blackstone Group for a stake sale in the company’s commercial, retail, and hotel properties. It has been reported that through this new deal, Prestige Estates is looking to sell the assets in order to reduce debt and generate liquidity. The value of the properties has been estimated at Rs 14,000 crore. Blackstone is the largest owner of commercial real estate in India.

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Bajaj Consumer Q2 Results: Profit increases 1.6% to Rs 56.92 crore

Bajaj Consumer Care Ltd reported a 1.6% YoY increase in its consolidated profit to Rs 56.92 crore, for the quarter ended September (Q2). The fast-moving consumer goods (FMCG) company also reported a total income of Rs 235.36 crore during the same period. 

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Tata Motors partners with HDFC Bank for financing of passenger vehicles

Tata Motors on Saturday said it has collaborated with HDFC Bank for the financing of its passenger vehicles. Tata Motors has introduced two new schemes under the partnership – ‘Gradual Step Up Scheme’ and ‘TML Flexi Drive’ scheme. The offers are aimed at improving sales during the festive season in India.

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Avenue Supermarts reports 38% YoY decline in net profits

Avenue Supermarts Ltd. reported a 38% year-on-year (YoY) decline in its consolidated net profit at Rs 199 crore, for the quarter ended September (Q2). Consolidated revenue decreased by 11% YoY to Rs 5,306 crore. The company stated that poor sales and a lower number of customers (due to the Covid-19 pandemic) have been the main reasons for these results. Avenue Supermarts runs the popular grocery chain DMart.

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Tata Communications Q2 Results: Profit up 7-fold to Rs 385 crore

Tata Communications Limited posted a 7-fold jump in consolidated net profit at Rs 384.81 crore, for the quarter ended September (Q2). The company had registered a profit of Rs 54.31 crore during the same period in the financial year 2019-2020. The firm also reported a growth in revenue by 4.5% to Rs 4,477.16 crore during the Q2 period.

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Dr. Reddy’s, RDIF gets approval to conduct Phase-3 trials for Covid-19 vaccine

Dr. Reddy’s Laboratories Ltd. has announced that it has received approval from the Drug Control General of India (DGCI) to conduct the Phase-3 trials for the Sputnik-V vaccine in India. The company had entered into an agreement with the Russian Direct Investment Fund (RDIF), for conducting trials and ensuring distribution of the coronavirus vaccine in India. Once testing is completed and approvals are granted, RDIF will supply 100 million doses of Sputnik-V to Dr. Reddy’s.

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Aurobindo Pharma acquires 100% equity in Mviyes Pharma Ventures Ltd.

Aurobindo Pharma Limited has entered into a share purchase agreement to acquire 100% equity share capital of Mviyes Pharma Ventures Private Limited. Aurobindo Pharma will acquire a total of about 15 crore equity shares of Rs 10 each, at a price of Rs 18.25 per share. The cost of the acquisition is estimated at Rs 274.22 crores.

CoC approves revival plan for Jet Airways

The Committee of Creditors (CoC) has approved the resolution plan of Kalrock Capital-Murari Lal Jalan for the revival of Jet Airways. The airline had been shut down for eight months, and is finally set to make a comeback. The plan has to be further approved by the National Company Law Tribunal (NCLT), and the Civil Aviation Ministry.

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‘Interest on Interest’ for loans up to Rs 2 crore to be waived off – Top Market News

‘Interest on Interest’ for loans up to Rs 2 crore to be waived off

The Finance Ministry has informed the Supreme Court that it has agreed to waive ‘interest on interest’ on loans of up to Rs 2 crore during the six-month moratorium period. Those who have already cleared their own dues between March and August would also get the benefit. The waiver comes as a relief for small businesses and retail borrowers, but can be a worry for banks.

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Covid-19 deaths in India cross 1 lakh

India’s coronavirus death toll has crossed the 1 lakh mark, which accounts for nearly 10 percent of the global Covid-19 deaths. India’s case fatality ratio (CFR), the ratio of deaths caused by confirmed COVID cases, has declined from 1.76% to 1.56% in September. India is the third country after the US and Brazil to surpass this landmark.

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88% rise in equity funding within first 9 months of 2020

Capital which has been raised through equity instruments for the first 9 months of the year is up nearly 88 percent over the same period last year. The value of capital raised by equity funding has totaled to $32.7 billion, and could even touch $44 billion at the end of the year. Reliance Industries’ rights issue of Rs 53,124.2 crore ($7.1 billion) remains the biggest deal this year. 

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Generic version of Sapropterin Dihydrochloride tablets launched by Dr Reddy’s in the US

Hyderabad-based Dr. Reddy’s Laboratories in a statement said that it has launched a generic version of Sapropterin Dihydrochloride in the United States markets. These medicines are used to bring down blood phenylalanine (Phe) levels in patients. This launch is a part of a wider aim to improve the company’s portfolio with a treatment of a rare disease.

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Retail selling price of petrol, diesel reduced by Indian Oil Corporation

Indian Oil Corporation Ltd (IOCL) has reduced the Retail Selling Price (RSP) of petrol and diesel in major metro cities in the country. Petrol and diesel price in Delhi was reduced by Rs 0.97 per litre and Rs 2.93 per litre respectively.

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Farm budget increased 11-fold to Rs 1.34 lakh crore from FY10

The Agricultural Ministry has increased the farm budget 11-fold to Rs 1.34 lakh crore from Rs 12,000 crore in 2009-2010 (FY10). This shows a considerable rise in government spending on collection of foodgrain at the crop support price. The Ministry has also related this to PM Modi’s commitment to farmers’ welfare. This will benefit stocks related to farming, including that of companies which sell tractors and pesticides. This comes between the ongoing protests against the farm bill around the country.

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Kotak Bank registers Rs 170 crore fraud case against Cox & Kings

A case has been filed against Cox & Kings Ltd by Kotak Mahindra Bank, alleging that the travel company has defrauded the bank of over Rs 170 crore. Mumbai police has registered a case based on the complaint by Kotak, and have started the preliminary investigation. Cox & Kings is also being probed by the Economic Offences Wing after IndusInd Bank’s earlier complaint of a Rs 240 crore fraud.

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World’s longest highway tunnel inaugurated by PM modi

Prime Minister Narendra Modi on Saturday inaugurated the Atal Tunnel at Rohtang in Himachal Pradesh. The new tunnel would reduce the distance between Manali and Leh by 46 km and cut travel time by four to five hours. The 9.02-km tunnel built by the Border Roads Organisation (BRO), it is officially the longest highway tunnel in the world.

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Reliance Retail to receive $1 billion from TPF, GIC

Reliance Industries has announced an investment made of Rs 5,512 crore by Singaporean sovereign wealth fund GIC Private Ltd for a 1.22% stake in Reliance Retail. TPG Capital has also invested Rs 1837.5 crore in the retail arm for a stake of 0.41%. Since September 9, a total of 7.28% stake of the retail unit has been sold for a total of Rs 32,297.50 crore.

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Shaurya missile successfully test fired off the coast of Odisha

India has successfully test-fired the new nuclear-capable Shaurya missile off the coast of Odisha on Saturday. The missile can strike targets at a range of about 800 km. It was created by India’s Defence Research and Development Organisation (DRDO), which is aiming towards self-reliance in the field of strategic missiles.

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